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Home My WebLink About182632 02/17/2010 CITY OF CARMEL, INDIANA VENDOR: 363904 Page 1 of 1 ONE CIVIC SQUARE UNITED STATES DEPT OF THE TREASURY CHECK AMOUNT: $2,613.98 CARMEL, INDIANA 46032 INTERNAL REVENUE SERVICE OGDEN UT 64201 -0027 CHECK NUMBER: 182632 CHECK DATE: 2/1812010 DEPARTMENT ACCOUNT PO NUMBER INVOICE NUMBER AMOUNT DESCRIPTION 1701 4340300 2,613.98 ARBITRAGE -2002 BONDS H. J. Umbaugh Associates s P c�4 Certified Public Accountants, LLP w 1 8365 Keystone Crossing W t Suite 300 s PO 80x 40458 Indianapolis, IN 46240 -0458 1 Phone: 317-465-1500 Fax. 317 465 -1550 dr; —sz www.umbaugh.com It's all about experience. February 15, 2010 Ms. Diana Cordray, Clerk- Treasurer City of Carmel One Civic Square Carmel, Indiana 46032 Re: City of Carmel, Indiana County Option Income Tax Revenue Bonds, Series 2002 (the "2002 Bonds Rebate Liability and Yield Reduction Payment Calculation Dear Diana: Enclosed please find two (2) copies of our report regarding the arbitrage rebate and yield reduction payment calculation for the Construction Fund of the 2002 Bonds. Based on our calculations, there is negative arbitrage, so the City is not subject to an arbitrage rebate payment for the Construction Fund of the 2002 Bonds at this time. Based on our calculations, there is positive yield reduction liability, so payment in the amount of $2,613.98 is due to the U.S. Department of Treasury. The payment includes the yield reduction liability of $2,352.83, as well as late payment interest in the amount of $261.15. As there were proceeds remaining in the Construction Fund as of October 23, 2007, this will not be the final calculation. We will perform another calculation when construction funds are expended or at the end of the second Five -Year Period, October 23, 2012. If you have any questions regarding the report or other matters, please feel free contact Christina Cromer or me. Very truly yours, UMBAUGH A David C. Frederick DCF /CLC Enclosures FILING INSTRUCTIONS 1. Make check payable in the amount of $2,613.98 to the United States Department of the Treasury. 2. Attach the Letter of Explanation requesting a penalty waiver. 3. Have the appropriate official sign the 8038 -T form. 4. File form 8038 -T and Letter of Explanation with the check (do not attached Umbaugh report) with the Internal Revenue Service Center, Ogden, UT 84201 -0027. Form 8038 °Y Arbitrage Rebate, Yield Reduction (Rev. January 2005) and Penalty in Lieu of Arbitrage Rebate OMB No 1545 -1219 Department of the Treasury 1 Under Sections 143(g)(3) and 148(f) Internat Revenue Service and Sections 103(c)(6)(D) and 103A(i)(4) of the Internal Revenue Code of 1954 Reporting Authority Check box if Amended Return 1 Issuer's name 2 Issuer's employer identification number City of Carmel, Indiana 35 600972 3 Number and street (or P.O. box no. If mail is not delivered to street address) Room /suite 4 Report number One Civic Square 7-07 5 City, town, or post office, state, and ZIP code 6 Date of issue Carmel, IN 46032 October 23, 2002 7 Name of issue 8 CUSIP number County Option Income Tax Revenue Bonds, Series 2002 143279 BC 0 9 Name and title of officer or legal representative whom the IRS may call for more information 10 Telephone number of officer or legal representative Diana Cordray, Clerk- Treasurer 317 )571 -2400 11 Type of issue Transportation Issue price 1 11 Is 10,499,855 Arbitrage Rebate and Yield Reduction Payments 12 Computation date to which this payment relates (MMDDYYYY) 10123/2007 13 Arbitrage rebate payment (see instructions) check box if less than 1003/0 of rebate amount 13 0.00 14 Yield reduction payment (see instructions) check box if less than 100% of yield reduction amount 14 2,352.83 15 Rebate payment from Qualified Zone Academy Bond (OZAB) defeasance escrow (see instructions) 15 0.00 Penalty in Lieu of Arbitrage Rebate 16 Number of months since date of issue: 6 mos 12 mos 18 mos 24 mos Other. No. of mos 0 1 17 Penalty in lieu of rebate 17 0.00 18 Date of termination election (MMDOYYYY) 19 Penalty upon termination 19 0100 Late Payments 20 Does failure to pay timely qualify for waiver of penalty (see instructions) Yes No 21 Penafty for failure to pay on time (see instructions) 21 0.00 22 Interest on underpayment (see instructions) 22 261.15 Total Payment 23 Total payment. Add lines 13, 14, 15, 17, 19, 21, and 22. Enter total here 23 2,613.98 Miscellaneous 24 Unspent proceeds as of this computation date 24 148,347.50 25 Proceeds used to redeem bonds 25 0.00 26 Gross proceeds used for qualified administrative costs for GICs and defeasance escrows 26 0.00 27 Fees paid for a qualified guarantee 27 0.00 Yes No 28 Is the issue a variable rate issue? 28 29 Did the issuer enter into a hedge? Name of provider Term of hedge 29 30 Were gross proceeds invested in a GIC? Name of provider Term of GIC 30 31 Were any gross proceeds invested beyond an available temporary period? 31 32 Calculations for filing of this form prepared by: Issuer 0 Preparers UmbaU h CPAs, Indianapolis Under penal of perjury, I declare that I have examined this return, and accompanying schedules and statements, and to the best of my knowledge and belief, a are true, correct and mplete. Sign Here Diana Cordray, Clerk- Treasurer Signature of issuer's authorized represent ive Date Type or print name and title For Paperwork Reduction Act Notice, see the separ et tructions. Cat. No. 11545Y Form 8038 -T (Rev. 1 -2005) Letter of Explanation The City of Carmel, Indiana (the "City"), on February 15, 2010, mailed their 8038 -T Tax Return along with a check for $2,613.98 representing yield reduction payment of $2,352.83 owed for the first five -year period on the City's County Option. Income Tax Revenue Bonds, Series 2002 (the "2002 Bonds as well as late payment interest of $261.15. The yield reduction payment was not paid within 60 days of the five- year computation date of October 23, 2007 due to the following factors: The City employed the firm of H.J. Umbaugh Associates, Certified Public Accountants of Indianapolis, Indiana "Umbaugh to make a calculation of any rebate or yield reduction liability for the City's 2002 Bonds. Umbaugh made the calculations and presented the results to the City on February 15, 20t0. As a result of receiving this information, the City promptly filed the Form 8038 -T, which provided for payment of the yield reduction liability owed for the first five -year period. This filing and payment were made within 180 days of the City's discovery that it owed the yield reduction payment, and for the reasons set forth above, the failure to pay the yield reduction liability timely when due was not as a result of the willful neglect of the City and requests that the penalty be waived. Under penalties of perjury, I declare that I have examined this explanation, including accompanying documents, and, to the best of my knowledge and belief, the explanation contains all the relevant facts relating to the explanation, and such facts are true, correct aaplete. U4zJv �J Diana Cordray, Clerk -Tr ea r' r City of Carmel, Indiana �7 '616 Date Prescribed by State Board of Accounts City Form No. 201 (Rev. 1995) ACCOUNTS PAYABLE VOUCHER CITY OF CARMEL An invoice or bill to be properly itemized must show: kind of service, where performed, dates service rendered, by whom, rates per day, number of hours, rate per hour, number of units, price per unit, etc. aye ass S Purchg�b Order No. Terms Date Due Invoice Invoice Description Amount Date Number (or note attached invoice(s) or bill(s)) Total I hereby certify that the attached invoice(s), or bill(s), is (are) true and correct and I have audited same in accordance with IC 5- 11- 10 -1.6. 20 Clerk- Treasurer VOUCHER NO. WARRANT NO. ALLOWED 20 �s �T(e& IN SUM OF I� �e 07 J 00) 7 ON ACCOUNT OF APPROPRIATION FOR Board Members Po# or INVOICE NO. ACCT #/TITLE AMOUNT DEPT. I hereby certify that the attached invoice(s), or bill(s) is (are) true and correct and that the materials or services itemized thereon for which charge is made were ordered and received except At k` 20 Signature Title Cost distribution ledger classification if claim paid motor vehicle highway fund